China Responds After U.S. Follows Through On Tariff Threat

It is being called the start of a trade war. Just after midnight last night, the U.S. slapped 25 percent tariffs on $34 billion worth of Chinese goods. China responded with equivalent tariffs on U.S. products. A spokesperson for China's Ministry of Commerce says the U.S. has ignited the largest trade war in economic history. So what does this mean for China, the U.S. and the global economy? We're going to get some answers from Jeremy Haft. He's been building companies in China for the last 20 years, and he wrote the book "Unmade In China."